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| Question | Answer |
| List the four supply shifters as they were presented in class. | Inputs, number of suppliers, supplier expectations, government policies |
| Draw and label a price ceiling on your paper. | varies |
| Land, labor, and capital are known as ______________ | the factors of production |
| Define Marginal Cost. | The cost of producing one more unit |
| How do scarcity and shortages differ? | scarcity is forever |
| What are four types of nonprice competition? | location, physical characteristics, ads, quality of service |
| According to the Principles of Economics, what kind of people think at the margin? | Rational people |
| List the four different types of economic systems. | Free, Command, Traditional, and Mixed |
| Give an example of price discrimination. | Varies |
| List five common goals found in all economic systems. | Freedom, efficiency, growth, security, and equity. |
| What is one principle of the American free enterprise system that the 5th amendment protects? | Private Property |
| Explain the Law of Supply. | The higher the price, the higher the quantity supplied. |
| What do economists call the total value of all final goods and services currently produced within a country's borders, during a certain period of time? | Gross Domestic Product (GDP) |
| How is profit calculated? | TR-TC |
| Explain the difference between in-kind benefits and cash transfers. | In-kind benefits are goods and services given to those in need for free or at a reduced rate. |
| Explain the Law of Demand. | The higher the price, the higher the quantity demanded. |
| List the four different market structures from most to least competitive. | Perfect competition, monopolistic competition, oligopoly, and monopoly. |
| List the four determinants of elasticity of demand as per our class notes. | Need v. want, substitutes? Portion of income, time |
| List the five demand shifters from our class notes. | Income, population, tastes-prefs-fads-trends-ads, consumer expectations, price of related goods |
| List two types of disequilibrium. | Shortage and surplus |
| How is total revenue calculated? | QP |